Kasper has written a new company report following the plunge in Aspo’s share price. 
In our view, Aspo is well-positioned with an eye on industrial demand picking up in due course, in addition to which the upcoming structural reorganization offers an interesting special situation. The share price decline in recent days has improved the expected return on the stock, so we are upgrading our recommendation to Accumulate (prev. Reduce). Our forecasts, on the other hand, remain unchanged, so we reiterate our EUR 7.6 target price, which corresponds to our estimate of the company’s sum-of-the-parts value. In our view, the separation of businesses is the most important share price driver in the near future, while clearer earnings growth still awaits a more distinct recovery in volume development.
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Here is a fresh stock exchange release from Aspo:
Aspo Plc Inside Information March 17, 2026, at 8:00 a.m.
Inside information: Aspo’s CFO Erkka Repo to move to a new position outside the company
Aspo’s Chief Financial Officer and member of the Management Committee Erkka Repo is leaving Aspo to join another employer. Repo, who has served as Aspo’s CFO since 2024, will leave his position by September 2026 at the latest.
“Erkka Repo has played a key role in Aspo’s successful transformation and the achievement of strategic goals over the past two years. We greatly appreciate Erkka’s contribution and wish him all the best in his new challenges,” says Rolf Jansson, CEO of Aspo.
Aspo Plc
Distribution:
Nasdaq Helsinki
Key media
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In the remuneration report, LTI (Long-Term Incentive) awards are 80% tied to the TSR (Total Shareholder Return) criterion, with an average share price of 8-12e in Q4/27, also considering other distributions and dividends. Taking into account previous insider purchases at prices of 6.5-7e in the last ~6 months, the management likely has a strong view on the true value of Aspon. My impression is that management’s goals are often achieved, but for example, in 2025, only 19% of the CEO’s bonus potential was realized.
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Here is Kassu’s preview as Aspo reports its Q1 results on Monday, April 27.
We expect a reasonable earnings level from the company, although business volumes have likely remained muted. The Group’s reported Q1 result is boosted by a substantial one-off cost from the sale of Leipurin.
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Kasperi interviewed Aspo’s CEO Rolf Jansson regarding Q1.
Topics:
00:00 Introduction
00:08 Result on par with last year
00:41 Demand was weak at the beginning of the year
02:09 Telko’s strong performance continued
04:43 Impacts of the challenging operating environment on Aspo
05:47 Transition to two business units
07:22 Telko’s acquisition outlook
08:23 Reaching the guidance
Here are the robot’s comments on the results
And here is the company’s release:
January–March 2026
- Net sales from continuing operations were EUR 114.1 million (116.0)
- Comparable EBITA from continuing operations was EUR 7.1 million (7.3), or 6.3% of net sales (6.3). ESL Shipping’s comparable EBITA was EUR 3.3 million (4.1) and Telko’s EUR 4.7 million (4.4)
- EBITA, whole group, was EUR 19.7 million (7.7). ESL Shipping’s EBITA was EUR 3.3 million (3.0), Telko’s EUR 4.2 million (4.4) and discontinued operations EUR 13.1 million (1.5)
- Comparable return on equity, whole group, was 11.1% (10.6)
- Comparable earnings per share from continuing operations were EUR 0.10 (0.09)
- Free cash flow was EUR 50.0 million (-4.4) as a result of the sale of Leipurin
- On March 2, 2026, Aspo completed the sale of Leipurin to Lantmännen at an enterprise value of EUR 63 million.
Figures in brackets refer to the corresponding period in 2025.
Guidance for 2026
Aspo Group’s comparable EBITA from continuing operations is expected to increase compared to the previous year (EUR 29.4 million in 2025).
Aspo Group’s comparable EBITA from continuing operations does not include the Leipurin business, which is reported as a discontinued operation. The sale of Leipurin was completed on March 2, 2026.
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Here is a new company report on Aspo from Kasper following Q1
The takeaways from Aspo’s Q1 results day turned slightly to the negative side. Consequently, we have lowered our earnings forecasts for the current year and revised our target price to EUR 7.2 per share (previously EUR 7.6). In our view, the valuation still appears attractive, so we reiterate our accumulate recommendation. The persistently weak demand outlook prevents us from taking a stronger view, as there is a risk that ESL, as a separate company, might receive a lower valuation than our current estimate. The separation of businesses is intended to be implemented by the end of 2026, and in light of current information, we consider the listing of ESL to be clearly the most likely outcome.
Quote from the report:
Overall, we still consider the Aspo share to be attractively priced at current levels, although clearer earnings growth in our forecasts only begins in 2027 and is dependent on, among other things, general economic development and the materialization of growth in transport demand in the Bothnian Bay. The moderately high level of uncertainty regarding the magnitude and timing of ESL’s clearer profitability improvement also increases the risk that the company, as a separate listed entity, will receive a lower valuation than our estimate. This prevents us from taking a stronger view on the share.
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Here are Sauli’s comments on the new strategy
Aspo announced on Monday the new Telko Beyond strategy for its subsidiary Telko, which aims to accelerate growth and improve profitability through acquisitions and efficiency measures, among other things. At the same time, the company reiterated its goal to separate Telko and ESL Shipping into two distinct companies by the end of 2026. Telko’s new strategy is a step towards the demerger, and we consider the listing of ESL on the stock exchange as an independent company to be by far the most likely outcome. The news does not cause any changes to our forecasts.
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